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- Gold price rises as the Fed kept its monetary policy unchanged
Gold price rises as the Fed kept its monetary policy unchanged
Gold price rose as the Fed kept its monetary policy unchanged. The Fed kept its interest rate unchanged at 0.00%-0.25%.
The Fed took into account the slowdown in the global economy and low inflation expectations. That was the main reason to keep the monetary policy unchanged.
"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the Fed said.
Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.
October futures for gold on the COMEX today climbed to 1141.60 dollars per ounce.
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